Thank you so much! It worked for me too!!!
Thanks a lot. I never knew this before.
Thank you. It's easy as 123.
I've been trying to figure this out for a very long time!
Outstanding! Thank you so much!
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In order to figure out how much house you can afford the banks will generally use the 28/36 rule which means no more than 28% of gross income should go to service your housing costs with no more than 36% gross pay used to service all debts. As a general rule to work out the high end of what you can afford you should multiply your annual income by 3.5. In your case this means you should be able to afford a home of value $490,000. It is best for you to save 20% of the mortgage as a down payment otherwise you will need to take out insurance at the banks request. Since you are only making a $20,000 down payment you will definitely be required to get this insurance since this is only a 4% down payment. In fact, only the FHA would give you a mortgage with that down payment level. Let`s assume you will save a little more to get you up to 20%. This means you need to save $98000 or $78000 more. With this down payment you will still need to borrow $412000. If you amortize over 25 years and assume an interest rate of 4.75% (probably a little low) your monthly mortgage payment is going to be$2,337.92. Making $140,000 means you are making about $11,666 a month. This means about 20% of your pre tax income will go just to the mortgage. Don`t forget you will have insurance payments, property taxes, utilities and other housing expenses to factor in as well.

Your salary level is $90,000 then your mortgage is decide according to your terms and size. your bank will decide the interest of the payment.most banks interest is among 28% and 33%.according to your state it will be depend ruffly you can mortgage $2100. Let`s assume you will save a little more to get you up to 20%. This means you need to save $98000 or $78000 more. With this down payment you will still need to borrow $412000. If you amortize over 25 years and assume an interest rate of 4.75% (probably a little low) your monthly mortgage payment is going to be$2,337.92. Making $140,000 means you are making about $11,666 a month. This means about 20% of your pre tax income will go just to the mortgage.

Before you purchase, you should be maxing out your 401k AND!! saving at least 10% or 750 a month. With that said, here are the numbers.
90000 a year = 7500 a month. Using 25% of your gross income for housing, this would out to a TOTAL PAYMENT of = 1875 a month
with a 1875 payment (-) taxes, insurance, PMI and condo fee, you are left with 1475 a month for the actual loan. At 5%, 30 year fixed, this would allow you a mortgage of $283,000 plus you down payment.
With the money you have saved, you would be looking for a FHA loan with 3.5% down. Closing will run you around 5% (including the upfront FHA prem). However, see if you can get the seller to pay. As of today, sellers can pay up to 6% of sales price. However, FHA is changing this to 3% very soon.

It depends, i make that in the northeast an i struggle with the taxes and bills here; make that south of virginia or west of pennsylvania and you`ll be OK. I`m looking to leave my 100k job for something making less than 1/4 of it for better weather and less bills.... i guess the saying is money isn`t everything, it helps but what`s important in your life and making less than 100k will you still have a home life or will you need a second job... look at more than the money.

If you are earning 70000$ in a year then the monthly you have to pay in the US will be 5% of your salary but in other cases it depends upon you that which type of house you want to buy if you buy a house in a rated area then the mortgage rate will be increasead it up to you if you buy a house in a rated area then 250000 salary per year is enough to pay your mortgage in the rated area ..

Depends on various factors that how much a person can afford house on 57000 dollars income .It depends on the place where the person resides and the area where he wish to buy a new home. It also depends on the person`s debts, his family size and his other expenditure and his lifestyle, etc. to buy a house on 57000 dollars income.

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